After three weeks of consolidation, USDJPY finally erupted, driven by the NFP release. This impulsive move respects the 90% rule.
However, the recent price action has formed a double top pattern, suggesting a potential reversal to the downside.
Based on the technical setup and potential reversal, I am biased towards a short position on USDJPY. I'm anticipating for continuation pattern for the move of price to the nearest support level at price 146.539
If you found this helpful please support your fellow trader with a like.
However, the recent price action has formed a double top pattern, suggesting a potential reversal to the downside.
Based on the technical setup and potential reversal, I am biased towards a short position on USDJPY. I'm anticipating for continuation pattern for the move of price to the nearest support level at price 146.539
If you found this helpful please support your fellow trader with a like.